2005
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Iraq rebuilds refinery unit
Iraq has rebuilt a 70,000 bpd oil distillation unit at the northern Baiji refinery despite regular attacks on the facility, oil officials told Reuters. Iraqi officials say security has improved at Baiji, allowing crude to reach the refinery more often and exports to flow to Turkey.
Oil body gets permanent seat
The International Energy Forum will inaugurate its permanent seat in Riyadh on 19 November, Saudi Oil Minister Ali Al Naimi told the official SPA news agency. He said a seminar will follow the inauguration, at which industry officials and executives will debate issues such as the link between energy and the world economy, and future oil projects.
Saudi Aramco drops crude price
Saudi Aramco has dropped prices for a third month for November crude shipments to Asia, as supplies rise and values of other Asian and Middle East grades decline, according to a report on Bloomberg. The shut down of refineries in the US because of the recent hurricanes has cut demand for crude.
Energy firms $7.5bn bill
Oil and gas companies face a $7.5bn bill from Hurricane Katrina, according to analysts at Wood MacKenzie. They estimate that 45m barrels of oil and 220bn cubic feet of gas, worth between $4bn and $5bn in lost revenues, was shut in by the storms. With production slow to come back on stream, this figure could grow by another $2.5bn by the end of 2005.
Foster Wheeler wins Sharq contract
Foster Wheeler subsidiaries have won contracts from Sabic affiliate Eastern Petrochemical for the engineering, procurement and construction of facilities for Sharq's third expansion project at Jubail. The project will increase production of petrochemical-based products from the plant by 2.8m tpy. Sharq is a 50:50 JV between Sabic and SPDC, a Japanese consortium headed by Mitsubishi.
BP opens Salalah bunkerage
BP Marine has inaugurated its new $15m bunkerage storage facility in Salalah, Oman. The facility includes five fuel oil tanks with a total capacity of 88,000 metric tonnes and a 500 metric tonne gas oil tank that will double BP's storage capacity at the port.
Petrofac $566m IPO
International oil services company Petrofac has sold $566m of shares in an initial public offering in London. Stock soared as investors predicted that spending by oil producers would boost earnings. The Middle East, where Petrofac's engineering and construction units are based, accounts for 40% of its $2.5 billion order backlog for 2005.
Ipic $5bn Taiwan oil offer
UAE-based International Petroleum Investment Corporation has offered more than $5bn for a 20% stake in Taiwan's state Chinese Petroleum Corp. Taiwan plans to sell 45% of CPC as part of a privatisation programme. Ipic's offer was first made in May, and will be kept open until November.
Oman, AD, OSPs rise
Oman raised the official selling price for its crude sold in September to a record $57 per barrel, up 3 cents from August. Dubai prices averaged $56.54, down from a record high of $56.60 for August. Adnoc raised the selling price for Murban crude by 10 cents to a record high of $61.05 a barrel.
Iraqi oil minister escapes bomb
Iraqi Oil Minister Ibrahim Bahr Al Uloum has narrowly escaped a roadside bomb attack which killed three of his escorts, according to a police and ministry spokesman. He said the minister's convoy was heading for Baiji, a refining town 180km north of the capital. Iraq's oil industry is struggling to get back on its feet in the face of persistent sabotage of facilities.
Iran denies KT oil threat story
The Iranian presidential office has denied that the president gave an interview to the Khaleej Times in which he said Tehran may hold back oil sales if its nuclear programme is referred to the UN Security Council. The Khaleej Times admitted the story was from a freelance reporter and could not be verified.
Kuwaitis oppose $8.5bn oil project
Kuwaiti opposition groups have launched a campaign against the proposed $8.5bn oil project to develop the northern fields. They said any deal to be signed with foreign oil majors must first be ratified by Kuwait's parliament, which is well known for its opposition to foreign control of energy assets.
Opec, no winter shortage
Global oil markets do not face a shortage of supplies this winter, Opec president Sheikh Ahmad Fahd Al Sabah told Gulf News. He said the recently endorsed 2m bpd increase would ensure that seasonal demand was met. But a shortage of refineries was a problem, and that was out of Opec's control, he added.
Sharjah, CNG for vehicles
The Sharjah Government is set to open its first compressed natural gas station for vehicles in February, reported Gulf News. But the first customers will not be drivers of cars but some public buses. The 30% petrol and diesel price hike this autumn is leading to such initiatives even in the oil-rich UAE.
Oil moves up $2
Oil prices surged more than $2 a barrel on reports that US refinery capacity will not return to normal for some weeks, raising fears of a fuel shortage. US light crude lifted $2.03 to $67.10 a barrel, while London Brent gained $1.66 to $64.63.
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